An Appraisal Of New Consumer Credit Product In The Nigeria Commercial Banks (a Case Study Of Intercontinental Bank Plc Agbani Road Branch, Enugu)

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In this project research study (work) is a very crucial study for the Nigerian Commercial Banks, this study was actually motivated by the necessity of effects of development of new consumer credit products in Nigeria commercial banks. To solve the research problem, both primary and secondary data were collected.  The research instrument used in collecting data were interview and questionnaire, the respondents were bank staff and some bank customers of the user of the product. The population and population sample is 50 and 40.  Also in organizing and presenting data collected, tables, frequencies, charts and percentages were used.  The various hypothesis were tested using the chi-square.  Data analysis and interpretation gave the following findings:- The problems encounterable in the process of product development have effects on the commercial banks. The consumer credit products of commercial banks in Nigeria have not been satisfying their customers’ needs. The education of customer on the usage of products and their level of awareness has effect on the bank’s credit products development. Based on the findings, the researcher recommends that: The management of our commercial banks should try as much as possible to equip their research and development department and for those that have not, they should try to establish one.  There should be increase in product awareness mechanisms such as good adverts, seminars for bank customers on product usage by the bank customers etc. These should be a good research before embarking on a new product development. In conclusion of the whole matter, one commercial banks customers credit products have not been satisfying their customers’ needs but if improved at an appealing price will satisfy their customers’ needs.

Cover page i
Title Page ii
Approval Page iii
Dedication iv
Acknowledgement v
Table of Contents vi
Abstract vii

Background of the Study 1
Statement of Problem 3
Purpose of the Study 3
Significance of the Study 5
Scope, Limitations and Delimitations 6
Definition of Terms 8

Definition of new Consumer Credit Products 10
Some of the Nigerian commercial banks services (products) 12
Intercontinental bank products and services and credit products 17
Problems of financial services marketing of Nigerian 
Commercial banks’ new consumer credit products 29
Effect of the new consumer credit products in Nigeria 30
Commercial banks
Ways of improving marketing banks financial services (products) 31
Marketing mix As A Tool To Influence Target Market On Consumer 
Credit Products in Banks 33
Pricing and product cycle 34
Reasons for customers dissatisfaction with Nigerian 
Commercial banks 37

Research Design 39
Area of Study 39
Population 39
Sources of Data Collection 40
Secondary Data 41
Sample and Sampling Techniques 41
Method of Investigation: Method of Data Presentation 43
Method of data Analysis 43
Data Presentation 45
Analysis Presentation 53
Test Hypothesis 69
Summary of Findings 71
Recommendation 73
Conclusion 75
Appendix - Letter of Introduction
Designed Interview Questionnaire

Background of Study
As far back as 1892 when banking started in Nigeria, the need for the development of new consumer credit products was not much needed as few banks then were in operation.  But as of 1986 when the Structural Adjustment Programme (SAP) was introduced by the federal government of Nigeria a new era characterized by deregulation of the banking system took place.  Worse still, deregulation gave room for the formation and licensing of numerous new command and merchant banks.  This however brought what we call aggressive competition among the commercial banks, which finally led to the introduction of new consumer credit products in the Nigeria commercial banks.

This period brought a total disappearance of armed char banking in Nigeria.  As new banks sprang up, heavy competition becomes the order of the day.  This with commercial banks and about 190-branch offices in 1960, there emerged no fewer than 124 commercial and merchant banks (with 2076 branches) as it the end of December, 1994 according to report released by the Central Bank of Nigeria.
As this new face of change took place, the only way out is to map out strategies for new credit products in order to retain customers satisfaction and their stay, the only way out is to introduce new products changes in the market, a bank is enable to;
i. Keep its old customers
ii. Attract new customers
iii. Lesson its risks
iv. Be strong to face competition
v. Building up and broaden its corporate image
vi. Utilize some idle resources and waste material
vii. Increase consumers selecting and satisfaction and 
viii. Increase its revenue base for consequent profitability and growth.
This research work is aimed at identifying the consumer and its products available in Nigeria commercial banks, how they could be developed, to know some of the task of marketing management of new consumer credit product to the Nigeria commercial banks, to find some of the bank marketing management philosophies/concepts that will help conduct their new consumer credit products activities, taking intercontinental bank Plc as a case of study.
Statement of Problem
Commercial banks in Nigeria have been introducing new brand of consumer credit products to enhance effective banking service.  Each month that comes is followed by wonderful consumer credit product in Nigeria commercial banks.  Despite this, customers are not yet satisfied with the credit products introduced in the financial market.  Also, many people (customers) don’t have knowledge of some of all these old consumer credit product and still, new ones are been introduced, more still, those that have the knowledge of such existing ones don’t patronize them.  What are the main reasons why people don’t pass such new credit products despite all these innovations?

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(2014, 09). An Appraisal Of New Consumer Credit Product In The Nigeria Commercial Banks (a Case Study Of Intercontinental Bank Plc Agbani Road Branch, Enugu).. Retrieved 09, 2014, from
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"An Appraisal Of New Consumer Credit Product In The Nigeria Commercial Banks (a Case Study Of Intercontinental Bank Plc Agbani Road Branch, Enugu).." 09, 2014. Accessed 09, 2014.

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